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Minos (left) and Sheda Kuching branch chairman Dato Sim Kiang Chiok in a photo op at the 2023 Sheda Home and Property Road Show held in Vivacity Megamall, Kuching from Nov 10-12, 2023.KUCHING, Nov 13: Homebuyers who are quick to criticise developers for seemingly exorbitant prices may not fully comprehend the challenges faced by the housing industry as costs for essential materials such as cement and steel skyrocket and developers’ profits dwindle.
Citing an example, Kota Samarahan Municipal Council (MPKS) chairman Dato Peter Minos said a year ago, a single-story intermediate house costs RM350,000 average, but now, it still costs the same, but developers have to absorb the increase in building materials in the last 12 months.
He went on to say that thousands of houses and condominiums in West Malaysia remain unsold following two years of the Covid-19 pandemic.
“It is still dark days ahead. (The) government offers very little help. All waiting for buyers to come forward and for the sun to shine brighter. So far, it is still gloomy and cloudy.
“That (is) a housing developer’s nightmare: unsold completed houses and the long, long wait for the sun to shine. If after a few years the shine is not coming, then it is a bust. This is the fate of some,” he in a statement.
For houses in Kota Samarahan, he predicted only when traffic jam in the area is resolved and the
Autonomous Rapid Transit (ART) in operation as planned, then there better days will come to the developers.
He continued stating that, despite its importance, few people talk about the housing industry and the numerous challenges it faces, some of which are formidable.
“That is why the Sheda (Sarawak Housing and Real Estate Developers’ Association) Kuching branch is organising an exhibition at Vivacity Megamall, for multiple reasons, including giving the public a glimpse into the housing industry, apart from providing market overview for potential buyers. — DayakDaily
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